Swiftcover one of its few success stories so far this year

AXA has managed a 1% increase in property and casualty income it said in a trading statement.

Financial Highlights (2008 in brackets)

  • Property & casualty revenues (€20,031m) €20,524m

By region

  • NORCEE €6,713m (€6,561m)
  • France €4,434m (€4,383m)
  • United Kingdom & Ireland €3,071m (€3,520m)
  • MedLA €4,806m (€4,198m)
  • Rest of the world €1,500m (€1,369m)

Property & Casualty revenues increased by 1% to €20,524m, driven by higher volumes in Personal lines, partly offset by negative momentum in Commercial lines as a result of the unfavourable economic environment.

Personal Motor revenues (35% of total P&C revenues) were up 1.8% mainly driven by the UK (success of Swiftcover direct business platform), Canada (tariff increase), Asia (tariff increase and new business), and France (agents and direct business), partly offset by Spain (due to the drop in car sales and strong competition) and Germany (in a context of competitive pressure and lower volumes).

Personal Non-Motor revenues (25% of total P&C revenues) increased by 0.7% with overall positive price effect across the board, partially offset by a decrease in the UK.

Commercial Motor revenues (7% of total P&C revenues) were down 1.9% with negative contributions mainly in the UK (with tariff increase impacting retention) and Spain, and positive ones mainly in Asia and Germany.

Commercial Non-Motor revenues (31% of total P&C revenues) were down 0.4%, with negative contribution mainly driven by Spain (notably liability and construction), partially offset by Switzerland (Health), Mexico (Property) and Turkey (Property through SME business).